When you make those New Year's resolutions, you're thinking about fresh starts and the year ahead. What you might not realize is that they also could save money.
Here are five popular resolutions and just how much you could save if you resolve them in 2010. 1. Quit Smoking
Not only is smoking bad for your health, it'll drain your bank account. You can save money by stopping a pack-a-day habit, which can cost between $1,825 and $3,650 per year! It can also save you on insurance premiums.
2. Exercise Regularly
According to the National Association of Health Underwriters,
if people are eating right and exercising three times a week for 20 minutes a day, they see prescription costs decrease by 70 percent and medical costs decrease by 30 percent.
3. Eat Healthier
Convenience foods cost more! For the cost of a bag of potato chips, you could buy 4 lbs of fresh potatoes!
4. Pay Down Debt
The average American owes $8,329, according to a 2009 survey by The Nilson Report, a Carpinteria, Calif.-based newsletter on consumer payment systems. If you're carrying that load with a 15.99 percent APR and making minimum payments of $167 per month to start, it will take you 33 years to pay off the debt. And you'll pay $15,289 in interest.
But kick in an extra $35.50 per month (paying $202.50 every month), and you can pay that same debt off in five years. Total interest: $3,821.
5. Build Up an Emergency Fund
Nothing takes the stress out of financial situations like spare cash. But it can also save you money. When you have cash on hand, you don't have to use more expensive options like high-APR credit cards, short-term loans and payday loans for emergencies.
Source: http://www.bankrate.com
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